Japanese E-commerce Firm Acquires Exchange Platform
In the deal, Rakuten is expected to help Everybody’s Bitcoin to acquire a license by October 1st.
Rakuten Takes Over Everybody's Bitcoin
Asian e-commerce firm Rakuten is planning to acquire a Japanese bitcoin exchange platform. Rakuten is a top e-commerce platform with headquarters in Japan.
Through an announcement released by the firm, it has already reached an agreement to acquire 100% of shares in Everybody's Bitcoin. The deal is believed to cost Rakuten approximately $2.4 million. The deal is expected to be finalized on October 1.
According to Rakuten, with the deal, crypto payments for e-commerce platforms will offline. The retail sector and the P2P payment model is expected to grow. The firm noted that for cryptocurrency payments to be initiated smoothly, it has to have its own exchange platform
Rakuten added that it was forced to venture into exchanges after increased demands from foreign exchange clients on its securities section. The clients are believed to have requested for an exchange operated by Rakuten
Everybody’s Bitcoin came into existence in March last year and has been unlicensed since then. It has been under sharp criticism from FSA after Coincheck was hacked in January this year. FSA wanted the firm to provide security improvements to avoid any hacks in the future.
Rakuten’s Plan to Reach Global Market
Rakuten’s entry is expected to help Everybody’s Bitcoin fill a number of gaps before being legalized under FSA regulations. Unconfirmed reports indicate that Rakuten is in the process of unveiling its own digital coin as means of reaching the global market.
After the revelations, it emerged that the exchange might have made a loss of $444, 000 in the last financial year that ended in March. Back in 2015, Rakuten announced that it will start receiving payments in bitcoin after linking its system with bitcoin payment feature. The feature was installed by US firm Bitnet.